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The Australian construction industry is building itself back into a position of strength post pandemic, new figures show.
Construction has seen off a prolonged period of supply chain issues, over-stocking and labor force shortages, to come out in a strong position according to The Manufacturing Health Index.
The Manufacturing Health Index determines industry fitness on a scale of 0-100 for small to medium sized manufacturers throughout New Zealand, Australia, and the United Kingdom.
The index is calculated using a combination of sales, expenditure and overall efficiency metrics, analysing 2658 manufacturers across 16 different industry categories.
Its business health score for the Australian Construction industry came out as 76 out of 100, the fourth highest of any of the 19 industries surveyed in the report.
This relieving change of trajectory has been off the back of construction costs showing signs of stabilisation and a potential decrease in 2024. There is notable reprieve as the costs of steel, which surged during the pandemic, are slowly stabilising. Structural timber prices, previously at elevated levels, are also improving as demand aligns with available supply.
The market remains in an upward cycle driven by concurrent booms in road, railway and renewables construction. As a state focus in Queensland has been geared towards the required developments for the upcoming Olympic and Paralympic games, an estimated $7 Billion will be allocated to this space, along with government endorsements for residential housing new builds, providing further endless employment opportunities within the construction space as a result.
As the industry gears up for an epic return, there is no better time to jump on the construction train which is gaining momentum once again.
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